In wake of FTX, New York reminds crypto firms to segregate customer funds

01/24 02:40

New York's top financial regulator on Monday published guidance for crypto companies to improve customer protection in the event of insolvency or a similar proceeding – including a requirement for firms to keep customer funds separate. The New York Department of Financial Services (NYDFS) reiterated its requirements for record-keeping as a number of crypto entities, including Sam Bankman-Fried's FTX exchange, is undergoing bankruptcy proceedings in the U.S. Former FTX management is alleged to have misappropriated customer funds, including to prop up the exchange's sister trading firm Alameda Research ahead of its collapse. FTX's new CEO, John J. Ray III, has also lambasted the company's previous management for its poor record-keeping.
bullishbullishbullish4bearishbearishbearish1LikeShare
DisclaimerThe content above does not represent HTX's positions.HTX does not provide any trading recommendations.

Related Articles

  • Image

    Bitcoin Settles Under $80K as Market Sentiment Turns Cautious

  • Image

    Ethereum Shows Signs Of Strength With Stronger Network Activity Supporting Growth

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge

All Comments0LatestHot

avatar
LatestHot

Related Articles

  • Image

    Bitcoin Settles Under $80K as Market Sentiment Turns Cautious

  • Image

    Ethereum Shows Signs Of Strength With Stronger Network Activity Supporting Growth

  • Image

    Top Coins Gaining Attention as Bitcoin Stalls and Ethereum Slows, With Little Pepe (LILPEPE) Starting To Emerge